https://noahpinion.substack.com/p/actually-japan-has-changed-a-lot
Depreciating real estate is one of Japan's biggest strengths. Because Japanese people don't use their houses as their nest eggs, as they do in much of the West, there is not nearly as much NIMBYism in Japan — people don't fight tooth and nail to prevent any local development that they worry might reduce their property values, because their property values are going to zero anyway.
As a result, Japanese cities like Tokyo have managed to build enough housing to make housing costs fall, even as people continued to stream from the countryside into the city.
